NEW YORK — Hello Living has recapitalized its 15-story, 76,000 square foot mixed-use residential and commercial rental property located at 271 Lenox Rd. In Brooklyn. The property includes 55 rental units, 9,000 square feet of retail space on the ground floor and a parking garage. It is located near Prospect Park in the Prospect Lefferts Gardens area of Brooklyn.
Madison Realty Capital provided a $ 28 million first mortgage and arranged a $ 4 million mezzanine loan provided by Bluestone Group. The deal was completed in less than two weeks, allowing Hello Living to quickly execute a time-of-essence partner buyout.
Josh Zegen, co-founder and CEO of Madison Realty, notes that his team organized a complex multi-party transaction that met Hello Living’s specific needs, within a tight deadline. He notes that the Hello Living project, which was completed last year, is almost fully leased. The development has 52 two-bedroom apartments and three three-bedroom apartments. Most of the accommodations have a private outdoor space. In addition, there is a roof terrace and a fitness center.
In a separate agreement, last month Hello Living entered into a $ 14.5 million loan also provided by Madison Realty. The refinancing was for a seven-story mixed-use residential property located at 1357 Flatbush Ave. in Brooklyn.
Last November, Hello Living also acquired a building at 1049 Washington Ave. in the South Bronx for $ 11 million. He plans to redevelop the property into a $ 50 million, 104 unit “Hello W” condominium. Founded in 2005, the real estate company has developed over a dozen properties in Brooklyn and has more in the works in New York City.